THE WOODLANDS, TX, July 2, 2013 /CNW/ - Porto Energy Corp., ("Porto" or the "Company") (TSXV:PEC), a company focused on oil and gas exploration, appraisal
and development in Portugal, today announced that the Portugese
government department, Direcção Geral de Energia e Geologia ("DGEG") has approved the Company's 2013 work program.
The 2013 work program includes drilling one deep well (terminal depth
greater than 3,000 metres) and possibly one horizontal well depending
on the deep well results, both within the Lias interval; drilling of
up to seven stratigraphic wells to advance the exploration and
development of the Lias stratigraphic interval; the acquisition of 150
km of 2-D seismic data onshore that may also benefit the offshore
prospects; and further acquisition and analysis of geologic data to
expand the Company's understanding of the basin in general. The total
estimated cost of the 2013 program is expected to be approximately
$22.4 million and is anticipated to be funded in part by Galp through
their 50% working interest in the Aljubarrota-3 Concession and through
Porto's joint venture marketing efforts. A new bond is expected to be
put in place based on these 2013 work program commitments.
"We look forward to working with Galp over the coming months as they
take over operatorship of the Aljubarrota-3 concession and help to
carry out the drilling of a deep well at Aljubarrota which we consider
to be the most essential piece of the 2013 work program," said Joseph
P. Ash, President and CEO of Porto. "This is also an important
milestone for Porto as we mark the successful conclusion of our 2012
work program which provides for the release of the Company's fully
collateralized $2.0 million bond."
The Company is continuing to market its Portuguese assets through an
ongoing farm-out initiative. Currently, several parties are actively
conducting due diligence and Porto anticipates providing an update in
About Porto Energy Corp.
Porto Energy Corp. is an international oil and gas company engaged in
the exploration of crude oil and natural gas in Portugal, including the
appraisal of a gas discovery. Through its wholly owned subsidiary,
Mohave Oil And Gas Corporation (a Texas corporation with branch offices
in Portugal), the Company holds working interests in seven concessions
in Portugal's Lusitanian Basin totaling 1.6 million net acres. Through
its exploration efforts to date, the Company has identified seven major
exploration trends over its concessions and generated more than 45
prospects and leads. Porto Energy's shares trade on the TSX Venture
Exchange under the ticker symbol "PEC". For more information on Porto
Energy visit www.portoenergy.com.
This press release contains certain forward-looking statements. These
statements relate to future events or the Company's future
performance. All statements other than statements of historical fact
are forward-looking statements. The use of any of the words
"anticipate", "plan", "continue", "estimate", "expect", "may", "will",
"project", "should", "believe", "predict" and "potential" and similar
expressions are intended to identify forward-looking statements. These
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ materially
from those anticipated in such forward-looking statements. No assurance
can be given that these expectations will prove to be correct and such
forward-looking statements should not be unduly relied upon. These
forward-looking statements are made as of the date of this press
release and the Company does not undertake to update any
forward-looking statements that are contained in this press release,
except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Porto Energy Corp.